Tax Credit Extended for Veterans

http://www.federalhousingtaxcredit.com/service_mem.php#

Check out the following article!

Negotiating Strategy

Helpful information from an Orange County Assocation of Realtors continuing education class(by Roger Turcotte):

The first step in a seller's negotiating strategy is to select a list price. As the seller, in the current market, you must select a list price that generates offers, is defensible with comparables, and never over inflate the list price in order to leave room to negotiate (a common mistake).

In determining the list price, look at recent sales, market price of similar properties currently on the market and economic conditions affecting the sale of the property such as: a. mortgage rates, b. market activity, c. absorption rate (how many properties sold vs how many are available) and d. consumer confidence.....remember perception is reality.

When making a decision on list price, sellers should remember that: the list price affects how buyers and other agents respond to the listing agent's marketing efforts, buyers actually make a counter-offer to the sellers offer (list price), other agents know when a property is overpriced, buyer agents can prepare a market analysis for their buyer client, and lastly the initial negotiating advantage is transferred to the buyer on an overpriced property.

Remember three things: 1. Your "list price" is ultimately determined by your competition - don't be the highest on the market. 2. Not every negotiation results in a signed agreement and 3. Don't take any of the negotiations personally!

Have We Reached Bottom?

Found this interesting....

By J.W. ELPHINSTONE, AP Real Estate Writer J.w. Elphinstone, Ap Real Estate Writer – Tue Jun 30, 3:10 pm ET

NEW YORK – Newfound signs of stability in the housing market could still be threatened by rising foreclosures and slow efforts to stop them, according to two reports released Tuesday.
The Standard & Poor's/Case-Shiller index of 20 major cities showed the smallest monthly decline since June 2008. The index tumbled by 18 percent in April from the year before, but for the third month in a row it was not a record decline. Yearly losses in 13 metros improved compared to March.
"It seems that some stabilization may be appearing in some of the regions," said David M. Blitzer, chairman of the S&P index committee.
But rising foreclosures fueled by layoffs could derail a meaningful turnaround. The number of homeowners at least two months behind or in foreclosure jumped in the first quarter from the previous quarter, a Treasury Department report said Tuesday.
Defaults from borrowers with good credit contributed to much of the increase in seriously delinquent loans, echoing data last month from the Mortgage Bankers Association. As the recession claims more jobs, borrowers in good standing are more likely to miss their mortgage payments.
Efforts to modify home loans have been slow and easily outpaced by the number of new delinquencies. In the first quarter, loan companies modified 185,156 mortgages, up 55 percent from the previous quarter. But the number of foreclosures in process increased to 844,389, up 22 percent.
And nearly one in four borrows who received a mortgage payment reduction fell behind again within six months, the report found.
Four months ago, the Obama administration detailed its "Making Home Affordable" initiative. But progress has been slow.
"So far (the modification program) isn't showing large numbers, which tells me that it's not working and that's a problem," said Patrick Newport, an economist with IHS Global Insight.
Mortgage companies holding about 20 percent of the eligible loans still have not signed up for the plan, according to Treasury.
To put pressure on those lenders, the community group ACORN
held 15 protests around the country Tuesday to call for the companies to sign onto the initiative.
Stabilizing home prices is key to helping stem the foreclosure crisis.
Eight of the 20 metros in the Case-Shiller index posted price gains from March, with Dallas recording the largest increase at 1.7 percent, the index showed. And every city except Charlotte showed some kind of improvement month-over-month.
The 20-city index is off almost 33 percent from its peak in the second quarter of 2006, which means home values are now around 2003-levels.
"Prices are still dropping. They're just no longer in freefall," Newport said.
Hardest hit remain Phoenix and Las Vegas, where home prices have lost more than half their value since their peaks.
The Case-Shiller index tracks repeat sales on a specific group of homes in each city. Sales between related parties, such as family members, are excluded.

Who's Buying Second Homes?

Good Day!

Despite a changing real estate market and economic conditions, the second-home market continues with strong growth. This market includes investment and vacation property. So just who is the "typical" second home buyer? According to statistics published in 2006 by the National Association of Realtors:
Vacation-Home Buyer: Baby Boomer generation is a major influence. Boomers are in their peak earning years and the generation is on the edge of nearing retirement. The typical buyer is age 59 and has a median household income of $120,600. The majority of buyers are married couples representing 76% of all second-home owners. About 75 have no children under 18 years of age living at home. Most purchase within 220 miles of of their primary residence, close to oceans, rivers, lakes and mountains. The median price for a vacation home is $300,000. Down payment comes from savings or equity in a primary residence.
Investment-Home Buyer: Most investment-home owners rent their homes out for a least six months per year. Investors are generally lookig for rental income, value appreciation and diversification as opposed to vacation second-home buyers who are looking for a personal retreat. The majority are between 35-44 years old, are married and have no children living at home. Median income is $98,600 and purchases occur within 10 miles of the primary residence. The median price for an investment homne is $148,000.
States with the largest number of vacation and second homes are Florida, California, Texas and Michigan. According to the U.S. Census Bureau, about 44% of all vacation homes are in three of those states, Florida, Texas and California.
What do vacation-home buyers consider when seeking a place to relax and retreat? Weather, outdoor activities, cost of living, housing options, entertainment, shopping, tourism, safety, infrastructure and local attitudes (community's feelings about vacationers). In the Northeast second-home buyers look for winter and water sports as well as golfing opportunities when considering their purchase location.
Orange County New York has become a second-home market retreat for busy New York City dwellers. Common locations include Warwick and Greenwood Lake. If you are looking for that special spot in Orange County call me or visit my website at www.dianem4realestate.com

Complimentary MLS Search - Orange County N.Y.

Good Day!
The market seems to be on an up tick. I'm putting together several transactions this month and leads are coming in. Could it be the market has finally bottomed? I don't have a crystal ball, but in Southern Orange County the market is loooking up. Perhaps you are interested in the following areas: Warwick, Greenwood Lake and Florida. If so, call me at 845-325-2247 or email me direct at dmassey21@yahoo.com.

Your complimentary MLS Search is Here: http://dianem4realestate.com/mls-listings.asp